Garston and Halewood Liberal Democrats

LIBOR fine rightly hits UBS where it hurts

"I very much welcome the FSA levying its biggest ever fine; a fitting tribute to appalling acts of misconduct and deception. Hitting banks where it hurts most, their profits, sends a clear signal that they must change their ways if they want to operate in the UK. We need a banking system which serves society, not itself.

"Because of Coalition action the £160m will go into the public pot rather than back to the banks which do not deserve it. It is hard to understand why the previous Government tolerated recycling fines for the benefit of the offenders, but I am glad that the Coalition has restored common sense and made sure that since April this year all fines will go back into the public purse.

"I now want to see those individuals found guilty of misconduct dealt with by the regulators and those bankers who broke the law to be served justice. I will be working with my Liberal Democrat colleagues to make sure the Serious Fraud Office has the resources it needs to bring further prosecutions."